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Our next passive income idea is another twist on crowdfunding known as Patreon. The site is promoted as a crowdfunding website for creative people like artists and writers but really its for anyone with a side-hustle notion.
Patreon is really how the arts used to work hundreds of years ago. Back during the renaissance, artists used to ask the wealthy to be their patrons to support their work through regular contributions.
So now the site Patreon gives you the opportunity to get patrons for your own works. You construct a community of individuals interested in your work, another usage of a blog that does double-duty for this passive income plan, and then request them to make contributions each time you create something. .
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Now patrons dont come off empty-handed, you offer benefits and copies of the job. So for a writer, you might offer copies of your own books. You could promise to thank patrons on your blog or to promote something of theirs in the long run.
Even if every patron only contributes a very small amount each month, it can still be a huge source of income. Take a peek at the Patreon page to get Kinda Funny, an internet movie company. They have over 6,209 patrons which means an average of just $3 a month are a monthly income of nearly $19,000 and they get cheerleaders which are always pleased to spread the word on their brand. .
Our past passive income source is creating your own brand and selling via Amazon FBA. This really is one of the most exciting income thoughts Ive seen in years. Amazon FBA makes it effortless to start your own retail company, to sell your own products.
It was that you needed hundreds of thousands of dollars for manufacturing, marketing, logistics, everything that went into selling solutions. With Amazon FBA, you contract with a manufacturer to ship everything directly to Amazon warehouses across the country.
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The manufacturer is going to put everything together, pack his explanation it and even put your tag on it. Then you just run your advertising and market everything from your webpage on the worlds biggest internet shopping site.
Amazon FBA gives you the opportunity to compete with all the biggest names in retailstores. Always wanted to start a toy company, proceed over Hasbro. Want a line of blue jeans along with your name stitched across the pocket, you can now get started for only a couple of thousand in inventory.
Ive got a couple of interviews on the blog from people who have begun shops through Amazon FBA. A couple of them are making six-figure incomes in less click over here than a year so $5,000 per month is easily attainable in less than that.
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Making valid passive income isnt as difficult as you may think. A number of the very best passive income thoughts may take a little time to set up but can begin cash flowing within a couple of months and will offer a consistent monthly income for many years or more. The most important point is just to begin.
In part three of this series we will discuss the differences between remaining income and passive income. These two terms are often used interchangeably, but in fact they are not the same thing. There are some similarities, but there are also some big differences between remaining income and passive income.Before I proceed onto part of the Residual Income Series. .
First, lets have a peek at what passive income is. Passive income basically includes any money that you earn without doing any work. Often times this money comes in investments of time or money which you've already made. With passive income that the person does not need to be involved with the money they are making.
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Residual income includes payments that you will get after a purchase. Usually these payments have been agreed upon in advance and will continue long after the purchase. A good instance of this is royalties that someone gets for a movie or book. They only write the movie or book once, but it can continue to be sold and resold again and again, which permits you to continue to make money from your job.
Earning income can eventually turn into passive income with time, since you can eventually earn money without doing an excess work. .
Now that you know the differences between passive and residual income, It's time to learn about some of the most common methods people use to earn residual income:
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-Selling products online: This is one of the most common methods to earn residual income. It normally involves a fee that needs to be renewed each month per week, which will allow you to continue to create money after the initial sale.